It’s OK to be average

If they haven’t already, homeowners will be finding this year’s notice from BC Assessment in their mailboxes any day now.

If they haven’t already, homeowners will be finding this year’s notice from BC Assessment in their mailboxes any day now.

It’s an annual rite for many of us, fraught with trepidation and perhaps celebration as most find their property values have continued to increase at a pace greater than inflation.

There aren’t many people who want to see their home decrease in value.

Increases in the 2015 assessments in the Gold Pan City have been modest, as they have across the region.

How do these increases impact a homeowner’s property tax bill?

If a homeowner’s increase is near the average increase for residential properties, they will only see their property tax increase in line with whatever the city increase has been pegged at this year.

This typically comes in at less than five per cent, and must be determined before May 15.

City Hall adjusts the mill rate, by which property tax is calculated, to account for the increase in total value of property city-wide.

If the average property increased in value by 6.8 per cent, for instance, but yours went up 12 per cent, there’s a good chance your tax bill will increase more than city council’s annual tax rate increase.

If it went up by only 2 per cent, or decreased, you may experience only a small increase, or nothing at all.

So, while it’s nice to see one’s property value increase each year, in investment terms, there’s no harm in being average.

–Black Press

 

 

Just Posted

City and Lhtako Dené make plans for Indigenous Cultural Centre

Designs are being drawn up as stakeholders seek funding to get project off the ground

7 local boxers to make their debut at Rumble 25

Local fighters will perform for a crowd for their first time at Two Rivers Boxing’s Saturday event

Cannabis bylaw defeated, new councillors in favour of private store option

The council meeting on Tuesday evening (Nov. 20) also included a public hearing on the bylaw

Forestry Hockey League: Serenity continues to dominate while BCS snoozes

Steve Dodge updates us on the FHL happenings in weeks eight and nine

Three locals win big at Moonlight Madness

Local shopping night saw three residents win exciting prize packages

VIDEO: E. coli outbreak linked to romaine lettuce sickens 18 people in Ontario, Quebec

The Canadian Food Inspection Agency says it’s working with U.S. authorities to determine the source of the romaine lettuce those who got ill were exposed to.

Lower Mainland suspect identified in fatal northern B.C. hit and run

Suspect and seven other individuals believed involved located on Haida Gwaii

‘Bait and switch’ warning ahead of Black Friday and Cyber Monday

Competition Bureau of Canada is warning shoppers of illegal sale tactics

Legal battle ahead for suspended B.C. legislature executives

Public removal ‘very unfair,’ says veteran clerk Craig James

B.C. sees biggest spike in homicides across Canada, at 34%

Much of the killing was attributed to gang violence, according to Statistics Canada

Sea lion tangled in rope on Vancouver Island

Marine debris is a ‘significant problem’ for marine wildlife

Postal strike affects charities at critical fundraising time

Canadian fundraising professionals and charities join call for fast resolution

$90,000 pen from space created by B.C man

The Space pen is made from a meteorite

B.C. woman fined $2,300 for clocking 215 km/hr in Alberta

It’s the highest fine Alberta police have issued

Most Read